Industry core view:
Last week, the electronic index (Shenwan level) fell by 4.27%, 0.05 percentage points lower than the Shanghai and Shenzhen 300 index. In terms of sub industries, among the secondary industries, electronic chemicals II had the smallest decline, with a decline of 1.86%. Among the tertiary industries, discrete devices increased the most, with an increase of 3.47%. In last week’s industry dynamics, Apple released interconnected chips that broke through the traditional industry architecture, and the price drop is expected to increase the proportion of the middle-end market; In the panel sector, TCL released the third generation QD miniled technology and a number of new large screen TVs, which is expected to accelerate the volume of miniled backlight. Investors are advised to pay attention to the important boom tracks in the electronics industry and recommend the landscape segmentation fields such as apple industrial chain and miniled.
Key investment points:
Apple released a number of new products, with chips as highlights: in the early morning of March 9, Apple released the iPhone e with a15 bionic chip, 5g network support, the new iPad air with M1 chip and macstudio with stronger M1 chip at the spring press conference. M1ultra adopts multi grain architecture design, which is superior to products of the same level in performance and energy consumption ratio. Apple’s chip is the core highlight of the product, which can comprehensively improve the performance of the product. Among them, m1ultra uses the new packaging architecture to interconnect two m1max chips, including 114 billion transistors, which breaks through the traditional architecture of the industry through multi-core series technology. In addition, the price of Apple’s new products is going down this time, and the prices of many new products are more close to the people. We believe that driven by the improvement of performance and price, apple is expected to expand its share in the middle-end market and increase its sales volume, thus driving the demand of Apple’s industrial chain.
TCL released a 98 inch super large screen TV equipped with the third generation QD miniled Technology: on March 9, TCL’s spring new product launch was officially held. TCL released the third generation QD miniled technology and a series of new heavy-duty TV products, including the flagship lingyao QD miniled smart screen X11, priced from 13999 yuan, the classic Lingxi QD miniled smart screen c12e, priced from 11999 yuan, and the giant screen qdminiled smart screen 98x9cpro, priced at 39999 yuan. Miniled backlight technology has accelerated its penetration into the display field in recent years, which can achieve finer local dimming and better display effect. This new product launch of TCL can reflect that both large screen and miniled are its strategic direction. We think these two points are also the general trend of the industry. In addition, the price of TCL’s new products is close to the people, coupled with its high configuration level, we believe that it is expected to further open the consumer market of miniled, accelerate the large-scale production of miniled backlight and benefit the manufacturers of relevant industrial chains.
The industry valuation level gradually entered a lower range: the PE (TTM) of SW electronics sector was 27.23, significantly lower than the peak level of 88.11 times in the 4G construction cycle.
Last week, the performance of the electronics sector was weak: among the 365 stocks in Shenwan electronics industry last week, 56 rose, 308 fell and 1 remained flat, with an increase ratio of 15.34%.
Risk factors: the risk of continued conflict between Russia and Ukraine; Trade friction risk; The risk of technology R & D not keeping up with expectations; The risk of intensified competition in the same industry.
